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Thanks Marinevietvet,
Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.
On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?
Thanks for your help again!
@Anonymous wrote:Thanks Marinevietvet,
Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.
On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?
Thanks for your help again!
I know that Citi allows more than one AU but that's the only one I'm sure about.
An AU can experience both the benefits and the hazards of being on another account but they can also remove themselves from the account at any time.
Good luck to you.
@MarineVietVet wrote:
@Anonymous wrote:Thanks Marinevietvet,
Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.
On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?
Thanks for your help again!
I know that Citi allows more than one AU but that's the only one I'm sure about.
My husband is an AU on two of my Chase accounts
An AU can experience both the benefits and the hazards of being on another account but they can also remove themselves from the account at any time.
Good luck to you.
Dunadan wrote:
Thanks Marinevietvet,
With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here...
Thanks for the help elaine and haulingthescoreup,
Moondog, I've made three credit card inquiries (student cards at Capital One, Discover, and Citi, all three denied me for lack of credit history.)
It was frustrating that even when the terms required little or no credit, i still got turned down for lack of credit. I hope three inquiries isn't going to be a nasty ding. In regards to the save to secured method you had mentioned, what does that entail? I think you might be talking about joining a local credit union, opening a savings account and making monthly deposits... Is my assumption correct?
-Jordan
@Anonymous wrote:Thanks for the help elaine and haulingthescoreup,
Moondog, I've made three credit card inquiries (student cards at Capital One, Discover, and Citi, all three denied me for lack of credit history.)
It was frustrating that even when the terms required little or no credit, i still got turned down for lack of credit. I hope three inquiries isn't going to be a nasty ding. In regards to the save to secured method you had mentioned, what does that entail? I think you might be talking about joining a local credit union, opening a savings account and making monthly deposits... Is my assumption correct?
-Jordan
Yes. If you don't have a lump of cash to put into savings, then open the account and make regular deposits until you have enough (the minimum requirment) and then apply for the secured card. You keep earning interest on the savings, you get a credit card for use and to report to your CR, and if you PIF each month it costs you nothing.